02:00 PM EST, 11/08/2024 (MT Newswires) -- (Updates prices.)

Gold edged lower midafternoon on Friday as the dollar rose while treasury yields were mixed.

Gold for December delivery was last seen down US$11.40 to US$2,694.40 per ounce.

The price of the precious metal has remained below its Oct. 30 high of US$2,800.80 per ounce as traders took profits and the dollar rose following the re-election of Donald Trump to the U.S. presidency.

Trump's election victory "served as a bit of a reset for gold, and we retain conviction in our view not just for the rest of this year but also 2025, as we maintain our 2025 average price forecast of $2,835", Christopher Louney, a commodities strategist at RBC Capital Markets, wrote.

The dollar rose, with the ICE dollar index last seen up 0.58 points to 105.09.

The U.S. two-year note was last seen up 5.9 basis points at 4.258% while the yield on the 10-year note was down 3.0 points to 4.312%.